Shenwan Hongyuan Securities·2025-07-27 14:22Investment Rating - The report maintains a positive outlook on the industry, indicating a transition towards rational competition among major platforms [6][9]. Core Insights - The market regulatory authority's recent discussions with major platforms signal a shift from aggressive subsidy strategies to more sustainable competition, particularly in the food delivery sector [9][12]. - Major platforms like Meituan, Alibaba, and JD are adapting their strategies in response to regulatory pressures, focusing on enhancing operational efficiency and product quality rather than merely increasing order volumes [12][15][17]. - The report highlights the emergence of differentiated competition strategies among platforms, with each leveraging its core strengths to align with long-term strategic goals [6][9]. Summary by Sections Market Overview - From July 21 to July 25, 2025, the social service index rose by 2.30%, outperforming the CSI 300 by 0.61 percentage points, ranking 17th among Shenwan's primary industries. The commercial retail index increased by 2.65%, surpassing the CSI 300 by 0.96 percentage points, ranking 14th [20][21]. Company Strategies - Meituan has shifted its focus from sheer order volume to structural efficiency improvements, launching initiatives like the "Wan Jia Brand Plan" to enhance service quality and stabilize supply [12][14]. - Alibaba has responded to regulatory demands by promoting compliance and launching the "Explosion Group" model to attract price-sensitive consumers while maintaining subsidy levels [15][16]. - JD has positioned itself in the quality segment by launching the "Seven Fresh Kitchen" project, emphasizing user experience and supply chain capabilities, with plans to open 10,000 locations within three years [17][18]. Investment Recommendations - The report suggests focusing on e-commerce sectors that emphasize core business strengths and AI investments, including Alibaba, JD, Meituan, and Pinduoduo. It also highlights opportunities in premium jewelry brands and comprehensive trade service providers that are advancing digital transformation [6][9].